Most Ghanaians have over the years been excluded
from basic banking services because of lack of identity, inability to produce a
utility bill, or an address.

However, the introduction and adoption of
comprehensive Mobile Money Interoperability (MMI) in Ghana has solved the
problem of ensuring basic financial inclusion, Vice President Bawumia has
indicated.

Speaking in Accra on Monday, 20th May 2019, Vice
President Bawumia said the mobile money payments interoperability system that
allows the transfer of funds from mobile money accounts to bank accounts
(back-to-back) and from mobile or bank accounts to biometric payment card
accounts (ezwich) means that practically, every Ghanaian can enjoy banking
services, in fulfilment of the pledge to give every Ghanaian access to a bank
account.

“Mobile Money Interoperability has provided most
of the unbanked and underbanked with access to a transaction account that
serves as a gateway to other financial services.

“If you have a Mobile Money (MoMo) account in
Ghana you are no longer excluded from the financial system. Every user of a
MoMo account can now use that account like a traditional bank account.

“Since a mobile money account now functions like
a bank account we can confidently say that Ghana has solved the problem of
basic financial inclusion. It is in this context that we said previously that
Mobile Money Interoperability will give every Ghanaian access to a bank
account,” he said.

Experts have described Ghana’s payment system
architecture as one of the most advanced in Africa, and with 34.5 million
registered mobile money accounts in Ghana for a country with a population of
about 30 million, the use of Mobile money is becoming a way of life.

“Within the next year, we intend to integrate
all payment channels to provide a platform for receipt of all government
payments electronically. The kind of digital payments architecture that we are
building has enabled the filing of tax returns and paying taxes
electronically”, Vice President Bawumia disclosed.

Vice President Bawumia was speaking at the 3rd Africa Leadership Conference organised by the International Advertising Association (IAA) in Accra. The Conference, under the theme “Africa Rising: technology Trends vrs Consumer Choice – Who’s determining the future?” and is being attended by advertising titans from across the world, including Srinivasan K. Swamy, Chairman and World President of the IAA.